S.C. home sales improve in 2012

Home sales in South Carolina jumped 12.5% last year, with 53,375 units sold compared with 47,437 units in 2011, S.C. Realtors reported today.

The year wrapped up with a 10.5% increase in December; 4,136 units sold compared with 3,744 units in December 2011.

The statewide real estate sales association said 2012 represented largely a year of recovery for housing nationwide.

“Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and to learn to play nicer with banks,” the association said in its monthly sales report. “But there’s more work to be done.”

New listings in South Carolina decreased 6.3% in December to 5,045. Pending sales were up 11.9% to 3,416. And inventory levels shrank 13.1% to 44,112 units.

The median sales price increased 5.3% to $158,000. Days on the market was down 11.7% to 130 days. Absorption rates improved as months’ supply of inventory was down 25.1% to 9.5 months.

“Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround,” S.C. Realtors said in its report. “Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it's a welcomed change of pace. Plenty of opportunity lies ahead.”

In the regional markets, Greenwood stood out as it more than doubled its home sales in December to 54 homes, compared with 22 in December 2011.

Elsewhere, gains in sales were smaller. The greater Greenville area reported a 23.4% increase in home sales; Spartanburg was up 22.5%; Charleston trident was up 11.2%; and the greater Columbia area increased 3.5%.